#ada #Cardano #CardanoSurge $ADA
The Future of Altcoins: Will the Market Surge Ahead or Face Obstacles?
With the cryptocurrency market witnessing a resurgence, Bitcoin (BTC) remains at the forefront, while altcoins like Cardano (ADA) are also making notable progress.
Altcoins on the Verge of Transformation: Will the Bullish Trend Sustain?
Market analyst Patrick H recently highlighted on social media, “The altcoins market is trying to establish a new bullish pattern. Are we set for a higher trajectory, or is another setback likely?”
This question reflects the cautious optimism within the altcoin community as they consider the potential for a trend reversal.
In a recent analysis, the expert pointed out key developments in the daily chart of the total altcoin market cap, excluding the top 10 cryptocurrencies.
After enduring a long bearish period marked by a descending channel—characterized by lower highs (LH) and lower lows (LL)—the market appears poised for a significant shift.
Recent activity suggests a breakout from this descending channel, indicating a possible decline in bearish momentum. Notably, a higher low (HL) has formed near the $330 billion mark, creating a critical support level and hinting at a potential bullish reversal.
Currently, the altcoin market is encountering resistance at the $375 billion level and is consolidating post-breakout. A confirmed shift to a bullish market structure requires the market to achieve a higher high (HH) around $400 billion.
Breaking through this level would confirm the reversal, potentially leading to a rally with the next target around $600 billion.
However, if the market fails to break past the $400 billion level and reverses, investors should watch the key support levels at $330 billion and $317 billion closely.
A retest of the breakout could occur, and a drop below $317 billion would invalidate the bullish scenario, signaling a potential return to the downtrend.
Cardano's Price Surge: Can It Maintain Momentum?
Cardano has stood out in the past week, seeing a substantial 31% price increase, allowing it to reclaim the crucial $1.11 level.
Meanwhile, Bitcoin (BTC) recently hit a new all-time high of $108,000. Despite Cardano’s impressive gains, its current price remains over 64% below its all-time high of $3.09, reached in September 2021.